BOYD GAMING REPORTS SECOND-QUARTER 2026 RESULTS

LAS VEGAS, July 23, 2026 /PRNewswire/ — Boyd Gaming Corporation (NYSE: BYD) at this time reported monetary outcomes for the second quarter ended June 30, 2026.  

Keith Smith, President and Chief Executive Officer of Boyd Gaming, mentioned: “Our second-quarter results demonstrated the benefits of our diversified business model, with strong performances from our Midwest & South operations, Online segment and Managed business. Results for the quarter, on a comparable basis, reflect both revenue and Adjusted EBITDAR growth, with property operating margins of 40%, a level we have consistently delivered over the last several years. This performance was supported by strength in play from both our core and retail customers across the portfolio, as well as contributions from our recent capital investments. We also returned substantial capital to our shareholders, with more than $170 million in dividends and share repurchases during the second quarter. With our strong balance sheet, efficient operating model and robust free cash flow, our Company is well-positioned to continue creating long-term shareholder value.”

Boyd Gaming reported second-quarter 2026 revenues of $1.03 billion, in-line with the second quarter of 2025. The Company reported web earnings of $131.2 million, or $1.75 per share, for the second quarter of 2026, in comparison with $151.5 million, or $1.84 per share, for the year-ago interval. Total Adjusted EBITDAR⁽¹⁾ was $350.5 million within the second quarter of 2026 versus $357.9 million within the second quarter of 2025. Adjusted Earnings⁽¹⁾ for the second quarter of 2026 had been $144.4 million, or $1.93 per share, in comparison with $154.2 million, or $1.87 per share, for a similar interval in 2025. 

Operations Review
Our Midwest & South operations as soon as once more delivered income and Adjusted EBITDAR progress through the quarter, pushed by elevated play from our core and retail prospects, in addition to contributions from current capital investments throughout the phase.  While ends in the Las Vegas Locals phase had been impacted by continued softness in vacation spot enterprise, primarily on the Orleans, and ongoing development disruption on the Suncoast, the rest of the phase grew revenues and Adjusted EBITDAR over the prior 12 months, with property margins exceeding 50%. In our Downtown Las Vegas phase, play from each our core and Hawaiian prospects was per current quarters; nonetheless, outcomes continued to be impacted by ongoing softness in vacation spot enterprise all through the downtown space.

Results in our Online phase mirrored progress from the Company’s on-line on line casino gaming enterprise, in addition to contributions from third-party market entry agreements per the final a number of quarters. Strong income and Adjusted EBITDAR progress in our Managed enterprise was pushed by elevated administration charges from Sky River Casino following its not too long ago accomplished growth.

Dividend and Share Repurchase Update
Boyd Gaming paid a quarterly money dividend of $0.20 per share on July 15, 2026, as beforehand introduced.

As a part of its ongoing share repurchase program, the Company repurchased $156 million in shares of its frequent inventory through the second quarter of 2026. The Company had $551 million remaining beneath its present share repurchase authorization as of June 30, 2026.

Balance Sheet Statistics
As of June 30, 2026, Boyd Gaming had money available of $322.7 million, and complete debt of $2.6 billion. 

Conference Call Information
Boyd Gaming will host a convention name to debate its second-quarter 2026 outcomes at this time, July 23, at 5:00 p.m. Eastern.  The convention name quantity is (800) 836-8184. No passcode is required to hitch the decision.  Please name as much as quarter-hour upfront to make sure you are related previous to the beginning of the decision. 

The convention name can even be obtainable on-line at or https://app.webinar.net/gBE9RqpOV3y.

Following the decision’s completion, a replay shall be obtainable by dialing (888) 660-6345 at this time, July 23, and persevering with by way of Thursday, July 30.  The passcode for the replay shall be 62234#.  The replay can even be obtainable at .

Non-GAAP Financial Measures
Our monetary displays embrace the next non-GAAP monetary measures: 

• EBITDA: earnings earlier than curiosity, taxes, depreciation and amortization,
• Adjusted EBITDA: EBITDA adjusted for deferred lease, share-based compensation expense, venture growth, preopening and writedowns expense, impairments of property, different working gadgets, web, achieve or loss on early extinguishments and modifications of debt, web earnings (loss) attributable to noncontrolling curiosity and different gadgets, web, as relevant,
• EBITDAR: EBITDA additional adjusted for lease expense related to grasp leases with an actual property funding belief,
• Adjusted EBITDAR: Adjusted EBITDA additional adjusted for lease expense related to grasp leases with an actual property funding belief,
• Adjusted Earnings: web earnings earlier than venture growth, preopening and writedowns expense, impairments of property, different working gadgets, web, achieve or loss on early extinguishments and modifications of debt, web earnings (loss) attributable to noncontrolling curiosity, and different non-recurring changes, web, as relevant, and,
• Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted common diluted shares excellent.

Collectively, we refer to those and different non-GAAP monetary measures because the “Non-GAAP Measures.” 

The Non-GAAP Measures are generally used measures of efficiency in our business that we imagine, when thought-about with measures calculated in accordance with accounting rules typically accepted within the United States (GAAP), present our buyers with a extra full understanding of our working outcomes and facilitates comparisons between us and our opponents. We present this data to buyers to allow them to carry out comparisons of our previous, current and future working outcomes and as a way to judge the outcomes of core on-going operations. We have traditionally reported these measures to our buyers and imagine that the continued inclusion of the Non-GAAP Measures offers consistency in our monetary reporting. We additionally imagine this data is helpful to buyers in permitting larger transparency associated to vital measures utilized by our administration of their monetary and operational decision-making, their analysis of complete firm and particular person property efficiency, within the analysis of incentive compensation and within the annual finances course of. Management additionally makes use of Non-GAAP Measures within the analysis of potential acquisitions and inclinations. We imagine these measures proceed for use by buyers of their evaluation of our working efficiency and the valuation of our firm. 

The use of Non-GAAP Measures has sure limitations. Our presentation of the Non-GAAP Measures could also be completely different from the presentation utilized by different corporations and due to this fact comparability could also be restricted. While excluded from sure of the Non-GAAP Measures, depreciation and amortization expense, curiosity expense, earnings taxes and different gadgets have been and shall be incurred. Each of these things also needs to be thought-about within the total analysis of our outcomes. Additionally, the Non-GAAP Measures don’t think about capital expenditures and different investing actions and shouldn’t be thought-about as a measure of our liquidity. We compensate for these limitations by offering the related disclosure of our depreciation and amortization, curiosity and earnings taxes, capital expenditures and different gadgets each in our reconciliations to the historic GAAP monetary measures and in our consolidated monetary statements, all of which must be thought-about when evaluating our efficiency. We don’t present a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure because of our incapability to venture particular fees and sure bills.

The Non-GAAP Measures are for use along with and together with outcomes introduced in accordance with GAAP. The Non-GAAP Measures shouldn’t be thought-about as a substitute for web earnings, working earnings, or every other working efficiency measure prescribed by GAAP, nor ought to these measures be relied upon to the exclusion of GAAP monetary measures. The Non-GAAP Measures mirror further methods of viewing our operations that we imagine, when considered with our GAAP outcomes and the reconciliations to the corresponding historic GAAP monetary measures, present a extra full understanding of things and traits affecting our enterprise than might be obtained absent this disclosure. Management strongly encourages buyers to assessment our monetary data in its entirety and to not depend on a single monetary measure. 

Forward-looking Statements and Company Information
This press launch incorporates forward-looking statements inside the which means of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements comprise phrases comparable to “may,” “will,” “might,” “expect,” “believe,” “anticipate,” “could,” “would,” “estimate,” “continue,” “pursue,” or the detrimental thereof or comparable terminology, and will embrace (with out limitation) data relating to the Company’s expectations, objectives or intentions relating to future efficiency. These forward-looking statements are based mostly on the present beliefs and expectations of administration and contain dangers and uncertainties that might trigger precise outcomes to vary materially from these expressed within the forward-looking statements. Many of those dangers and uncertainties relate to elements which might be past Boyd Gaming’s capability to regulate or estimate exactly. Additional elements that might trigger precise outcomes to vary are mentioned beneath the heading “Risk Factors” and in different sections of the Company’s Annual Report on Form 10-Okay, its Quarterly Reports on Form 10-Q, and within the Company’s different present and periodic studies filed on occasion with the SEC. The reader is cautioned to not place undue reliance on these forward-looking statements, which converse solely as of the date of this launch. All forward-looking statements on this press launch are made as of the date hereof, based mostly on data obtainable to the Company as of the date hereof, and the Company assumes no obligation to replace any forward-looking assertion.

About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a number one geographically diversified operator of 27 gaming leisure properties in 11 states. The Company additionally manages a tribal on line casino in northern California, and owns and operates Boyd Interactive, a B2B and B2C on-line on line casino gaming enterprise. Boyd Gaming’s nationwide portfolio is related by way of Boyd Rewards, acknowledged because the nation’s favourite on line casino loyalty program by readers of each USA Today and Newsweek.  Named by Forbes and Time magazines as considered one of “America’s Best Companies,” and led by one of the vital skilled groups within the business, Boyd Gaming is devoted to delivering an impressive leisure expertise and memorable visitor service. For further Company data and press releases, go to https://www.boydgaming.com.

SOURCE Boyd Gaming Corporation